Thinking of relocating to Illinois? Think twice…no, make that three times, minimum. If you move to Illinois you will increase your debt $18,000 for the privilege. You heard me correctly, moving to Illinois will cost you $18,000.
Did you know if you move to Illinois your total per household debt will be $86,602. This is because you also owe the federal government $68,602 (per citizen) no matter what state you live in.
According to the reputable Moody’s Investors Service, the $18K is your fair share of approximately $250,000,000,000 (that’s billion by the way!) citizens of Illinois now owe to the unfunded public pension. The liability is huge, and it’s growing.
Illinois is on the hook for public pensions and the taxpayers will need to step up to the plate, checkbooks in hand to fulfill the liability created by the government.
Let me make this a little bit worse for you. Moody’s said in a recently released report (September 2019) that Lincoln’s home state of Illinois has been awarded first place for the most debt of any other state in America. Can I hear an amen?!
As a matter of fact, Illinois beat out California by a nose. California as a pension debt of about $230,000,000,000. I’m not picking on Illinois, this is a national problem in multiple states and municipalities. Here are the ten states where taxpayers are in real danger due to pension debt exceeding the service capacity (Source Forbes):
Just when we thought the booming Trump economy could raise all ships, not so with the pension fund. Moody’s is predicting the citizen’s liability for the Illinois pension fund is going to increase in 2020.
The Illinois state government has something else to worry about. It’s on the line for nearly $60,000,000,000 in additional retiree healthcare costs down the road.
Advocates have warned that the state will face near-insurmountable pension contribution requirements should the economy take a turn for the worse and the state’s investments fall short as they did in the years after the Great Recession.
According to James Tobin, founder of Taxpayers United for America, stated, “The pensions are the reason for the bankruptcy in Illinois…There are 111,000 retirees in the statewide pension funds who get over $50,000 a year for their pension benefit, not including their medical subsidies.”
In a word to all Illinois citizens, and those contemplating relocation to Illinois…YIKES!
While Illinois’ gross debt in 2019 has declined from $250 billion in 2017, experts are predicting that should the economy take a 2008-type nose dive, Illinois will be bankrupted.
Government, in general, is ruining America with its pour stewardship, confiscatory taxes, and its pension for greed. Debt is a form of tyranny. When any government overspends its capacity to service its debt, the citizens are enslaved and the nation is weakened.
Thinking of moving to Illinois? Don’t do it, stay where you are!